FSRA imposes penalties against Kim Thanh Do, Gyula Zambok, 5015977 Ont. Inc., Bruce Kotis, Myriad Mortgage, Kasturi Chatterjee, 2382314 Ont. Inc. and proposes enforcement against Rebecca Thien Kim Nguyen Do and Jordan Ovejas

TORONTO, Oct. 22, 2025 /CNW/ - The Financial Services Regulator of Ontario (FSRA) imposed administrative penalties totaling $430,000 on Kim Thanh Do (Kim Do), Gyula "George" "Julien" Zambok (Zambok), 5015977 Ontario Inc. (501 Ontario), Bruce Rene Kotis (Kotis), and Myriad Mortgage.

FSRA has revoked the mortgage brokerage licence of 2382314 Ontario Inc. o/a Mortgage Bridge Canada (Mortgage Bridge) and imposed conditions on the mortgage broker licence of Kasturi Chatterjee (Chatterjee).

Kim Do contravened the Mortgage Brokerages, Lenders and Administrators Act, 2006 (Act) and its regulations as follows:

• Dealt in mortgages outside her authorizing brokerage, contrary to section 2(3) of the Act.
• Received remuneration for dealing in mortgages from a person other than her authorized brokerage, contrary to section 4(1) of O. Reg. 187/08.
• Caused her brokerage to contravene the Act and its regulations, contrary to section 3 of O. Reg. 187/08.
• Facilitated unlicensed activities, contrary to section 3.1 of O. Reg. 187/08.
• Failed to provide documents and information under oath to FSRA, contrary to a requirement imposed under section 34 of the Act.

Zambok contravened the Act as follows:

• Dealt in mortgages for remuneration, without having a mortgage agent or broker licence, contrary to section 2(3) of the Act.
• Failed to provide documents and information under oath to FSRA, contrary to a requirement imposed under section 34 of the Act.

501 Ontario contravened the Act as follows:

• Failed to provide documents to FSRA, contrary to requirements imposed under section 34 of the Act.
• Carried on business as a mortgage lender without a mortgage brokerage licence, contrary to section 4(2) of the Act.

Kotis and Chatterjee failed to take reasonable steps to ensure the compliance of their brokerages and its agents, contrary to section 2(1) of O. Reg. 410/07.

Myriad Mortgage and Mortgage Bridge contravened the Act and its regulations as follows:

• Failed to take reasonable steps to ensure mortgages were suitable, contrary to section 24(1) of O. Reg. 188/08.
• Failed to obtain independent legal advice before proceeding to arrange reverse mortgages, contrary to section 29(1) of O. Reg. 188/08.
• Failed to provide written disclosure to borrowers of any potential conflict of interest, contrary to section 27(1) of O. Reg. 188/08.
• Failed to maintain complete and accurate records, contrary to sections 46(1) and 48(1) of O. Reg. 188/08.

Kim Do, Zambok, 501 Ontario, Kotis, and Myriad Mortgage did not request a hearing before the Financial Services Tribunal or contest FSRA's proposal. FSRA issued orders against Mortgage Bridge and Chatterjee as a result of a settlement with them.

FSRA has initiated enforcement action against Rebecca Thien Kim Nguyen Do (Rebecca Do) and Jordan Ovejas (Ovejas).

FSRA alleges that Rebecca Do contravened the Act and its regulations as follows:

• Caused her brokerage to contravene the Act and its regulations, contrary to section 3 of O. Reg. 187/08.
• Facilitated unlicensed activities, contrary to section 3.1 of O. Reg. 187/08.

FSRA alleges that Ovejas dealt in mortgages for remuneration, without having a mortgage agent or broker licence, contrary to section 2(3) of the Act.

FSRA is proposing to impose administrative penalties against Rebecca Do in the total amount of $30,000 and against Ovejas in the amount of $80,000.

Rebecca Do and Ovejas requested a hearing before the Financial Services Tribunal about this proposal.

Learn more:

Access our enforcement database to see how FSRA is working to protect consumers through its monitoring and enforcement activities. 

For media inquiries:

Russ Courtney
Senior Manager, Media Relations
Financial Services Regulatory Authority
C: 437-225-8551
Email: [email protected]

SOURCE Financial Services Regulatory Authority of Ontario